Mulberry enjoys surge in profits

Mulberry, the luxury handbag brand, has recorded a surge in full-year profits as the Somerset company's turnaround continues under chief executive Thierry Andretta.

Sales rose 5% to £155.9 million and pre-tax profits rose from £1.9 million to £6.2 millions and Andretta said: “Mulberry has made significant progress during the last financial year with solid growth achieved in revenues and profit. Looking forward, we will invest further in developing exciting new product, whilst continuing to engage with our core UK and growing international customer base.”

Last year Mulberry’s profits were hit after it attempted to move upmarket and compete with the likes of Gucci and Dior, but sales have bounced back strongly after it cut prices. Like-for-like sales at Mulberry were up 8% over the year, with digital sales rising 19%.